Dubai property glut hits consumer prices

A glut of property supply in Dubai contributed to the steepest fall in consumer prices since records began four years ago, as a housing bubble that burst in 2009 continued to be felt in the wider economy, data showed.
Consumer prices in Dubai fell 1.7 percent on an annual basis in February, as an inflow of new residential units pushed rents down. “There might be some areas in Dubai where prices are picking up, but there is still an excess in supply in the market,” said Liz Martins, senior economist at HSBC in Dubai………………………………………..Full Article: Source